BAKU, Azerbaijan, Feb.7
By Leman Zeynalova – Trend:
With the acquisition of Indian Adani Green Energy’s solar unit, French Total’s solar footprint jumps by around 1 gigawatts (GW), Tom Heggarty, principal analyst with Wood Mackenzie’s Energy Transition Practice, said, Trend reports.
Total announced it planned to buy a 50 percent stake in Indian company Adani Green Energy’s solar unit.
Total and Adani Green Energy Limited (AGEL) will create a 50/50 joint venture into which AGEL will transfer its solar assets in operation. These projects are spread over 11 Indian states and have a cumulative capacity of over 2 GW. All the projects benefit from nearly 25-year power purchase agreements (PPA) with national and regional electricity distributors, with a fixed rate.
“Total has been extremely active in the power and renewables M&A market as it seeks to diversify its activities and grow its exposure to the zero-carbon power sector.The Adani investment is the sixth it and its subsidiary companies have made in renewable power businesses so far, beginning with the acquisition of a majority stake in SunPower in 2011. Since then, it has acquired operational and development solar PV and wind assets across a wide range of countries from France, to Australia, Brazil, and Egypt,” said the expert.
Heggarty recalled that Total already had a presence in the Indian solar PV market prior to the Adani deal through Total Eren's Eden Renewables joint venture with EDF Renewables, which has over 200 megawatts (MW) under the ownership and recently signed PPAs for a further 700 MW of assets.
He added that within Asia, Total Solar’s activities in rooftop solar have thus far been concentrated in South East Asia.
---
Follow the author on Twitter: @Lyaman_Zeyn